In a significant move to bolster bilateral relations, China’s Vice Premier Ding Xuexiang made his inaugural visit to Singapore from 10 to 11 November 2024. This visit coincided with the 20th Joint Council for Bilateral Cooperation (JCBC), co-chaired by Singapore’s Deputy Prime Minister Gan Kim Yong.
Strengthening Economic Ties
The JCBC serves as the highest-level platform for dialogues between the two nations, focusing on both economic collaboration and strategic partnerships. A record 25 agreements were signed during this year’s meeting, addressing key areas such as:
- Trade
- Finance
- Maritime cooperation
- Sustainability
Mr Gan noted that the renewal of their partnership, which was elevated last year, has shifted the bilateral agenda to a more ambitious and forward-looking framework.
Key Initiatives and Projects
Central to the discussions were three flagship government-to-government projects:
- China-Singapore Suzhou Industrial Park
- Tianjin Eco-City
- Chongqing Connectivity Initiative
The Suzhou Industrial Park, which celebrated its 30th anniversary, was highlighted as a trailblazer for collaboration, focusing on sustainable development and innovative economic growth.
Enhancing Green and Digital Initiatives
Cooperation in green finance has also been a focal point, with initiatives aimed at enhancing cross-border financing flows. A collaboration between the Monetary Authority of Singapore and the People’s Bank of China was mentioned as a step towards aligning green finance criteria between the countries.
A Glimpse into Future Collaboration
Both countries reaffirmed their commitment to the China-Singapore Free Trade Agreement (CSFTA), with enhancements expected to come into effect by the end of 2024. The agreement aims to liberalize the trade environment, providing a framework conducive to foreign investment.
Symbolic Gestures and High-Level Meetings
During his visit, Mr Ding met high-ranking Singaporean officials, including President Tharman Shanmugaratnam and Prime Minister Lawrence Wong. The leaders discussed regional issues and reaffirmed their commitment to long-standing relations.
To commemorate their partnership, a persimmon tree was planted at the Singapore Botanic Gardens, symbolizing growth and sustainability.
In summary, this visit marks a pivotal moment in Singapore-China relations, setting a path for deeper cooperation in multiple domains.